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Pacific Biosciences Q3 Revenues Fall 23 Percent

NEW YORK (GenomeWeb) – Pacific Biosciences of California said after the close of market on Thursday that its revenues for the third quarter were down 23 percent, primarily driven by lower instrument shipments and consumables sales. The company reported its third-quarter results concomitantly with an announcement that Illumina plans to acquire the firm for approximately $1.2 billion.

Revenues for Q3 totaled $18.2 million, down from $23.5 million in the year-ago quarter and lower than the average Wall Street estimate of $22.2 million. The company had $15.2 million in product revenue, down from $20.3 million a year ago, and $3.0 million in service and other revenue, down from $3.2 million in Q3 of 2017.

Consumables sales were down due to lower demand for PacBio RS II consumables and varying customer ordering patterns, the firm said. However, usage of installed Sequel instruments increased significantly during the quarter.

PacBio's R&D costs for the quarter were $14.4 million, down 11 percent from $15.8 million in Q3 of 2017. Its SG&A expenses totaled $13.5 million, down 4 percent from $14.0 million a year ago.

PacBio's net loss for the quarter was $25 million, or $.19 per share, compared to $22 million, or $.19 per share, in the third quarter of 2017 and larger than analysts' expected loss of $.15 per share.

As of Sept. 30, PacBio had $115.7 million in cash and investments, up from $63.5 million at the end of the second quarter due to $64.9 million it received in net proceeds from a public offering of common stock in September.

In morning trading on the Nasdaq, PacBio's shares were up 68 percent at $7.59.